−Removed: Other than the risk factors set forth below, there have been no material changes in risk factors applicable to the Company from those disclosed in “Risk Factors”
+Added: Other than as described in Quarterly Reports on Form 10-Q filed during the year ending December 31, 2023, there have been no material changes in risk factors applicable to the Company from those disclosed in “Risk Factors”
in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
−Removed: Recent negative developments affecting the banking industry, and resulting media coverage, have eroded customer confidence in the banking system.
−Removed: The recent high-profile bank failures involving Silicon Valley Bank, Signature Bank, and First Republic Bank have generated significant market volatility among publicly traded bank holding companies and, in particular, regional and community banks like the Company.
−Removed: These market developments have negatively impacted customer confidence in the safety and soundness of regional and community banks.
−Removed: As a result, customers may choose to maintain deposits with larger financial institutions or invest in higher yielding short-term fixed income securities, all of which could materially adversely impact the Company’s liquidity, loan funding capacity, net interest margin, capital and results of operations.
−Removed: While the Department of the Treasury, the Federal Reserve, and the FDIC have made statements ensuring that depositors of these recently failed banks would have access to their deposits, including uninsured deposit accounts, there is no guarantee that such actions will be successful in restoring customer confidence in regional and community banks and the banking system more broadly.
−Removed: We must maintain sufficient funds to respond to the needs of depositors and borrowers.
−Removed: Deposits have traditionally been our primary source of funds for use in lending and investment activities.
−Removed: We also receive funds from loan repayments, investment maturities and income on other interest-earning assets.
−Removed: While we emphasize the generation of low-cost core deposits as a source of funding, there is strong competition for such deposits in our market area.
−Removed: Additionally, deposit balances can decrease if customers perceive alternative investments as providing a better risk/return tradeoff.
−Removed: Accordingly, as a part of our liquidity management, we must use a number of funding sources in addition to deposits and repayments and maturities of loans and investments.
−Removed: As we continue to grow, we are likely to become more dependent on these sources, which may include Federal Home Loan Bank advances, federal funds purchased and brokered certificates of deposit.
−Removed: Adverse operating results or changes in industry conditions could lead to difficulty or an inability to access these additional funding sources.
−Removed: Our financial flexibility will be severely constrained if we are unable to maintain our access to funding or if adequate financing is not available to accommodate future growth at acceptable interest rates.
−Removed: Further, if we are required to rely more heavily on more expensive funding sources to support liquidity and future growth, our revenues may not increase proportionately to cover our increased costs.
−Removed: In this case, our operating margins and profitability would be adversely affected.
−Removed: Alternatively, we may need to sell a portion of our investment and/or loan portfolio to raise funds, which, depending upon market conditions, could result in us realizing a loss on the sale of such assets. 
−Removed: Any decline in available funding could adversely impact our ability to originate loans, invest in securities, pay our expenses, or fulfill obligations such as repaying our borrowings or meeting deposit withdrawal demands, any of which could have a material adverse impact on our liquidity, business, financial condition and results of operations.
−Removed: A lack of liquidity could also attract increased regulatory scrutiny and potential restraints imposed on us by regulators.
−Removed: Depending on the capitalization status and regulatory treatment of depository institutions, including whether an institution is subject to a supervisory prompt corrective action directive, certain additional regulatory restrictions and prohibitions may apply, including restrictions on growth, restrictions on interest rates paid on deposits, restrictions or prohibitions on payment of dividends and restrictions on the acceptance of brokered deposits.
−Removed: Any regulatory examination scrutiny or new regulatory requirements arising from the recent events in the banking industry could increase the Company’s expenses and affect the Company’s operations.
−Removed: The Company also anticipates increased regulatory scrutiny –
−Removed: in the course of routine examinations and otherwise –
−Removed: and new regulations directed towards banks of similar size to the Bank, designed to address the recent negative developments in the banking industry, all of which may increase the Company’s costs of doing business and reduce its profitability.
−Removed: Among other things, there may be an increased focus by both regulators and investors on deposit composition and the level of uninsured deposits.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.